Today, a global debt of $247 trillion looms on the horizon an threatens to cause the next crash, experts said.

“We think the major economies are on the cusp of this turning into the worst recession we have seen in 10 years,” Murray Gunn, head of global research at Elliott Wave International, told the New York Post.

Central bankers have flooded economies with “cheap money” resulting in $247 trillion in global debt, up from $177 trillion in 2008.

“We won’t be able to call it a recession, it’s going to be worse than the Great Depression,” Schiff told the New York Post.

“People will look to central banks to help them out, but the authorities will be found wanting,” Gunn told the New York Post.